Posted 3/26/2024, 11:00:00 AM
AI Billionaires Just the Start? Theories Predict Massive Economic Growth from Artificial Intelligence
- Jensen Huang and OpenAI founders have become billionaires from AI, but some think this is just the beginning of massive AI-driven growth
- Historically, economic growth has been superexponential, suggesting even faster future growth is plausible
- Theories explain how population growth drove innovation which further increased population, but AI could restart this "feedback loop"
- Standard economic models predict constant or increasing returns to scale with advanced AI, unlike with human labor
- However, sceptics doubt whether human-level AI that could substitute all tasks is really imminent, and highlight how partial automation has underwhelmed historically